And yet, despite paring back their March quarter expectations, many analysts have been bumping their iPhone estimates for the December quarter.

Which makes this earnings report, as anticipated as it is, somewhat anticlimactic. Everyone is already focused on the March quarter. And Apple's guidance game makes it very hard to figure out what's really happening this quarter. Multiple analysts have called for Apple to deliver classic low-ball guidance.

Unlike in the past, if Apple delivers super low guidance, the market could react negatively as the low guidance would confirm its fears that the iPhone business is in trouble.

So, if you're an Apple bull, here's what you want tonight: A strong iPhone beat and guidance that isn't ridiculously low. On the earnings call, you're hoping Tim Cook comments on the reports coming from the supply chain and puts the rumors to bed.

If you get just an iPhone beat, or just good guidance, we're not sure you're going to be happy.

Before we wrap this up, there is one thing to note: This quarter is 13 weeks long. Last year's quarter was 14 weeks long. Therefore, year over year comparisons aren't going to be perfect.

Further, last year Apple sold the iPhone 4S only in the holiday quarter. This year, the new iPhone, the iPhone 5 was out for a week before the quarter started. And it was also released in China for part of the quarter. So, comparisons between this quarter and the next are going to be messy.

Here, via Piper Jaffray's Gene Munster, is what the buy-side is expecting from Apple: